Core view
For China’s digital collection industry, we insist that China’s digital collection will become bigger and stronger in the future, and will not give full play to its financial attribute.
Core question 1: on the policy side, in the first half of the year, in addition to the sound favorable to the industry, it also included more statements on strengthening supervision that investors considered to be “negative” news of the industry. Will these news and measures to strengthen supervision press the pause key for the development of China’s digital collection industry.
We believe that the so-called “negative” news is actually conducive to the healthy development of the digital collection market and the stability of the market. Our judgment on this issue is mainly based on two dimensions. First, we believe that strengthening supervision is not a “negative” news for the digital collection industry, on the contrary, it is a positive signal; Secondly, we believe that the withdrawal of inferior platforms and the layout of digital collections by more industries will act on the two indicators of total market issuance and the number of platforms at the same time. In the short term, the impact of the two indicators will tend to offset. In the long run, the increment brought by the layout of digital collections by more industries will be significantly higher than the decrease brought by the withdrawal of inferior platforms.
Core question 2: whether the development of China’s digital collection industry can reproduce the high-speed development stage of overseas digital collections in the second half of last year when China chooses the road with great differences from overseas digital collections; Will the development space of China’s digital collections be limited by the emphasis on industrial enabling attribute and weakening financial attribute of digital collections.
We believe that “promoting reality with emptiness” is in line with China’s planning for the development of digital economy and digital technology, and is in line with China’s national conditions. At the same time, according to the existing cases of digital collections enabling real industries, digital collections have shown strong potential in this direction.
Investment proposals: focus on the cultural tourism resource holders with strong IP attributes. Investment proposals: focus on the cultural tourism resource holders with strong IP attributes. Investment proposals: focus on the cultural tourism resource holders with strong IP attributes: the Caihong Display Devices Co.Ltd(600707) 06 \ ( Hylink Digital Solution Co.Ltd(603825) . SH), Three’S Company Media Group Co.Ltd(605168) ( Three’S Company Media Group Co.Ltd(605168) . Sh), Zhewen Interactive Group Co.Ltd(600986) ( Zhewen Interactive Group Co.Ltd(600986) . SH), Chengdu B-Ray Media Co.Ltd(600880) ( Chengdu B-Ray Media Co.Ltd(600880) . SH), Visual China Group Co.Ltd(000681) ( Visual China Group Co.Ltd(000681) . SZ) Xinhuanetco.Ltd(603888) Xinhuanetco.Ltd(603888) .SH)。
Risk warning: uncertainty of technology development, business model and market demand; Policy fluctuations.
